Solar’s South Africa Play
Nagpur: Solar Industries’ proposed acquisition of South Africa’s Omnia Holdings will take the combined entity’s revenue to up to ₹32,000 crore in FY28, managing director and CEO Manish Nuwal said on Tuesday at an investor conference call hosted by ICICI Securities. Nuwal ruled out an equity route for the $1.36 billion all-cash purchase. Total debt, including acquisition financing, is projected at ₹10,000 crore to ₹11,000 crore by FY28 and will stay below two times earnings before interest, taxes, depreciation and amortisation (EBITDA), he said. When investors asked whether the purchase would pull capital away from defence, on which Solar announced a ₹12,000 crore capex programme two yea₹ back, Nuwal said, “Our focus and our capital allocation for defense will not go down.
We are quite comfortable managing this acquisition through our internal accrual and debt, which can be available to Solar,” said Nuwal. “We are not planning to raise any equity through any kind of dilution in any of the parent company or subsidiary. Rather, as we move forward, it is only going to go up. You Can Also Check: Gold Rate in Nagpur | Silver Rate in Nagpur | Bank Holidays in Nagpur | Public Holidays in Nagpur | Petrol Price in Nagpur | Diesel Price in Nagpur | CNG Price in Nagpur | LPG Price in Nagpur